If you’ve been closely following the real estate business in the last few months, you would know that the money nowadays is with the apartment rental side. In the Dallas-Fort Worth area, this has never been more apparent than in the third quarter. Renters in the Dallas-Fort Worth have taken twice as many apartments in the area for the said quarter.

There was a 1% increase in rental demands in the just concluded quarter. This is the first gain in more than one year, says Carrollton-based MPF Research Inc. Even the average monthly rent increased to $762 in the said quarter.

The good numbers may have been a result of the improving local economy, explains MPF Research’s vice president Greg Willett. And this improvement may just be what the market needs to do a positive turnaround.

“Fantastic lease-ups for the recently completed apartments are playing a huge role in the general upturn. The improving local economy is helping to produce the apartment demand momentum that is needed to get the market back on track,” says Willett.

North Texas really is seeing better things in its economy. The month of August has seen an additional 30,000 more jobs vis-à-vis last year’s numbers. Even with this rebound in employment, stricter mortgage standards are making it harder to buy a home, hence the ushering in of a rental boom.

An additional 7,800 apartments have been leased by renters in the Dallas-Fort Worth area for the third quarter alone. This brings the net leasing total for 2010 to 22,970 units. Compared with the last four years combined, the past nine months of the year has brought North Texas the strongest net apartment lease. And this is with just 9,200 apartments opening in the said area for the year – 4,300 more apartments are in the construction line.

The September vacancy rates for Dallas-Fort Worth were down to 8.5%, with leases making their biggest jump in high-end new rental units. As Willett explained, when the market rebounds, it is really the top end market that first reflects improvement.

Apartment markets in the Dallas area marked significant increases for the year when it comes to occupancy. Frisco saw a 14% point gain, while central Dallas 7%. Even apartment rents are increasing: North Fort Worth, Frisco and central Dallas saw a 6% increase.

Even with a spike in leasing, though, analysts still warn that the current apartment development may still not keep up with the demand. Lenders are still being careful and are keeping a tight fist in construction borrowing. Because of this, renters should expect fewer giveaways and more rent increases.